AI in Diagnostics Market Growth to Garner at 21% From 2023 To 2032

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The global artificial intelligence in the diagnostics market is expected to garner at a remarkable CAGR of 21% from 2023 to 2032.

The global artificial intelligence in diagnostics market size was appraised at USD 1.1 billion in 2022 and is estimated to hit USD 7.4 billion by 2032.

The artificial intelligence in the diagnostics market growth is driven by the increasing prevalence of chronic diseases, the rising practice of artificial intelligence, and several government initiatives to increase the adoption of AI-based technologies.

Market Overview:

Artificial intelligence in medical diagnostics includes artificial intelligence solutions that help physicians with medical decision-making. Artificial intelligence (AI) application areas are expanding rapidly. The application of deep learning in medical diagnosis to detect cancer is the most important artificial intelligence development in the medical sector.

The early detection of several chronic diseases makes them preventable, thus encouraging the adoption of AI-based diagnostics, which helps healthcare providers create treatment plans to prevent or delay chronic disease.

Additionally, the market has grown as a result of the increasing need for the adoption of Artificial intelligence (AI) in medical diagnosis to reduce errors as well as reduce the workload of radiologists. Furthermore, the growth in funding for AI-based start-ups is projected to fuel the growth of the market in the coming years.

Artificial Intelligence in Diagnostics Market Report Scope:

Report Highlights:

• By Component, for various healthcare applications, many firms are developing software solutions, which in turn promotes the growth of the software industry. In the next years, it is anticipated that hospitals and healthcare service providers will increasingly adopt AI-driven operational assistance for healthcare and healthcare informatics solutions. The industry is expanding due to the escalating demand for cloud-based and AI-powered augmented diagnostic solutions that help in improving diagnostic precision when inferring patient medical pictures. Also, the advent of cutting-edge AI software in diagnostics, which combines a variety of data sources including CT, MRI, proteomics, genomes, and patient data and aids in accurately identifying illness and assessing its progression, is anticipated to propel the market's expansion.
• By Diagnosis Type, the market is divided into cardiology, oncology, pathology, radiology, chest & lung, neurology, and others based on the kind of diagnosis. Due to the increasing prevalence of neurological illnesses, the neurology diagnostic segment, which contributed more than 24.4% of the industry's total revenue, dominated the market. The adoption of value-based care as a developing trend in addressing the burden of neurological illnesses is accelerating the segment's growth. The expansion of this market is being driven by the creation of complex deep neural networks and cutting-edge algorithms that have been trained on many picture datasets obtained for various evaluations and diagnoses.  AI-based diagnostic options in neurology increase precision and accuracy as well as the productivity and clinical judgment of the radiologist.

Regional Insights:

North America is expected to dominate the global artificial intelligence in diagnostics market owing to the presence of developed healthcare infrastructure, increasing adoption of the rate of AI-based diagnostics, presence of prominent market players, an established IT infrastructure within the healthcare sector and increasing prevalence of chronic diseases which serves as major factors behind the growth of the artificial intelligence in diagnostics market in the region. For instance, According to CDC, 6 in 10 Americans live with at least one chronic disease, such as heart disease, stroke, cancer, diabetes, and others. These chronic diseases are the leading causes of death and disability in America, and also serve as a leading driver of healthcare costs. Thus, the increasing burden of chronic diseases is likely to increase the adoption of artificial intelligence (AI) for early diagnosis purposes, ultimately driving market growth in the region. On the other hand, Asia Pacific is growing at the highest CAGR during the forecast period.

Market Dynamics:

Drivers

Increasing global burden of chronic diseases

The need for AI-based diagnostic solutions is also being driven by the rising burden of chronic illnesses among the world's population. To get a competitive advantage over rivals, the leading players in the AI diagnostics market are concentrating on the creation of brand-new, cutting-edge products and the growth of their company offerings. Also, a lot of businesses that focus on creating cutting-edge AI-based solutions are getting encouraging support and investment possibilities. Also, this will contribute to the expansion of the market as a whole. For instance, in September 2018, IDx secured US$33 million in investment from Optum Ventures and 8VC, which the business plans to employ to create cutting-edge AI-based products.

Restraint:

Practitioners of medicine are reluctance to use AI-based technologies

Modern therapy techniques are now available to healthcare providers to assist patients, due to the rapid development of digital health. With the use of artificial intelligence (AI), clinicians can better diagnose and treat patients. Nonetheless, it has been noted that doctors are reluctant to adopt new technology. For instance, some medical professionals believe that AI will eventually replace physicians. 

As empathy and persuasion are considered to be human abilities, physicians and radiologists do not entirely think that technology can replace the need for medical professionals.  Furthermore, there is concern that patients would have an unhealthy preference for these technologies and avoid critical in-person treatments, which might put long-term doctor-patient relationships at risk.  Several medical practitioners are sceptical about the ability of AI to effectively detect patient ailments.

Opportunities:

Human-aware AI systems are being developed with more emphasis

The true goals during the development of AI technologies were to make them human-aware or to create models with human-like cognitive traits. Yet, the development of interactive and scalable AI computers continues to be difficult. However, the increase in human involvement with AI approaches and interest in learning more about machine learning have created new research obstacles, such as those related to interpretation and presentation, concerns with automated components, and intelligent crowdsourcing control.  AI devices can comprehend precise instructions and information provided by humans.

Challenges:

Financial limitations

The main problem facing healthcare companies is overcoming budgetary limitations, particularly in emerging nations where it is usually difficult to secure resources for Technology over medical equipment. The main obstacles hindering the market growth are the high cost of imaging equipment as well as the implementation and licensing fees of AI software, particularly in nations with weak reimbursement environments. For instance, because installation and maintenance fees for AI systems are so exorbitant, the majority of healthcare institutions in impoverished nations cannot afford them. This issue is preventing the widespread use of novel or cutting-edge systems.

Recent Developments: 

• In July 2019, Partners HealthCare collaborated with FUJIFILM SonoSite, Inc. to implement Artificial Intelligence (AI) in POCUS applications. The two companies partnered to use AI-based models that will help clinicians in the diagnosis and enhance the quality of care. 
• In March 2022, Microsoft announced its acquisition of Nuance Communications Inc., a pioneer in conversational AI and ambient intelligence across various industries such as financial services, healthcare, retail, and telecommunications. Microsoft and Nuance will empower organizations across industries to expedite their business goals. Customers are likely to benefit from the enhanced consumer, clinician, patient, and employee experiences, and ultimately it will improve productivity and financial performance.

Major Key Players:

• Siemens Healthcare GmbH
• GE Healthcare
• Aidoc
• Imagen Technologies
• AliveCor
• Zebra Medical Vision
• Vuno Inc.
• IDx Technologies Inc.
• Neural Analytics
• Riverain Technologies

Market Segments:

By Component

• Hardware
• Software
• Services

By Diagnosis Type

• Radiology
• Pathology
• Cardiology
• Oncology
• Neurology
• Chest and Lung
• Others

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